Income Tax

Income Tax

Effective Income Year 2015, the personal income tax rates are:

• 16% of every complete dollar of taxable income up to and including $35,000; and
• 33.5% of every complete dollar of taxable income above $35,000.

Also remember that individual taxpayers are allowed a personal allowance of $25,000, while persons in receipt of pension income and are over the age of 60 are entitled to a personal allowance of $40,000. 

*Note that Total Income - Personal Allowance = Taxable Income 

Corporation Tax

The Corporation Tax Rate is:

1. 25% of taxable income in respect of Income Year 2006 and subsequent years.
2. 15% with effect from Income Year 2007 for approved small businesses under the Small Business Development Act.
3. 15% for a company that is engaged in the business of manufacturing.
4. 15% for a company that is engaged in the construction and sale of houses priced under $ 150,000 (inclusive of land).
5. 15% for qualifying business under the Special Development Areas Act, Cap. 318C.
6. 5% - Life Insurance Companies.